Ripple, the company behind cryptocurrency XRP, has formed a strategic partnership with clean energy firm Nelnet Renewable Energy. The two have joined force in a deal to invest in solar projects across the US and thereby helping to reduce the country’s carbon footprint. The investment targets cutting US carbon emissions by more than 1.5 million tons over the next 35 years
In a press release issues on Monday, the two partners in this initiative revealed a $44 million joint investment towards the project, with Ripple notably chipping in the majority of it.
We’re proud to announce our partnership with @Ripple, the leader in enterprise blockchain and cryptocurrency solutions, on a $44 million joint investment in solar energy projects estimated to offset over 1.5 million tons of carbon dioxide over 35 years.https://t.co/ztZHljxaDp pic.twitter.com/v1HXHP691q
— Nelnet Renewable Energy (@NelnetSolar) October 11, 2021
In the statement, Ripple’s head of social impact, Ken Weber, said that clean energy is not just for economic growth around the world. A sustainable future across will be partly depending on projects in the renewable energy sector:
“As the adoption of cryptocurrencies and blockchain continues to grow, it’s evident that the technology will underpin our future financial systems.”
Ripple is committed to cutting cutting the carbon footprint of the world’s financial services industry, Weber said. Working with Nelwet will help them achieve carbon-negative levels in the crypto sector.
Executive director of Nelnet Renewable Energy, Scott Gubbels, is convinced that the partnership with Ripple will enhance clean energy generation as well as provide several other benefits across the United States. He said:
“Investments like these help create jobs, provide cost-competitive energy to the market, and promote sustainability for years to come.”
Ripple, still facing a lawsuit brought by the SEC over its XRP sale, is by no means backing down and continues to take a leading a role in the financial services market in pursuance of fast and low-cost cross border payments. It is committed to see cryptocurrencies rely on 100% clean energy and a supporter of the Climate Accord group.
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